Mediterranean island Malta has announced this week that the country’s rental contracts will be kept on the blockchain. Maltese Prime Minister, Joseph Muscat, announced during an interview on local radio station, Radio One.
Muscat stated that “We will now be showing people the added value of this technology through applying it to something which they will use in their daily lives. This shows how the digital transformation will affect their lives.” The news comes after a long consultation period with cabinet regarding rental laws and how they should be best managed.
The initiative was taken to keep all the countries rental contracts on the blockchain due to its high-level security. This level of security means that the government can prevent record tampering and gives the assurance that only authorized personnel can gain access. According to Muscat, accountability is a key focus for Malta moving forward; the benefits of blockchain technology gives confidence that the accountability they want, can be achieved.
The move to keep all rental contracts on the blockchain comes after a year which saw regulatory framework about blockchain technology in the country relaxed. Malta has made great efforts to become a distributed ledger technology hub in the world, which has led to the country being dubbed as, Blockchain Island. Their attempt to become a hub for the technology began to come to fruition last year when cryptocurrency exchange Binance announced that it would be “setting up an operational base in Malta.”
Muscat himself has previously stated of his intentions to focus Malta’s future around the technology and said “I passionately believe technology revolutionizes and improves systems. This is why in Malta, we have launched ourselves as the blockchain island.”
Malta also recently held the “Malta Blockchain Summit” which hosted some of the key players in the blockchain industry such as Brock Pierce, Chairman of the bitcoin foundation and Dr. Mikityuk, Co-Founder of The Blockchain Group.
If you are interested in finding out more about Real Estate Use Cases for Blockchain Technology, the Enterprise Ethereum Alliance (EEA), Real Estate Special Interest Group have created a report discussing the possibilities.
Sources: ccn.com, cointelegraph.com, maltablockchainsummit.com, blockchainmalta.com, maltatoday.com.mt